Quarterly report pursuant to Section 13 or 15(d)

L. DISCONTINUED OPERATIONS (Tables)

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L. DISCONTINUED OPERATIONS (Tables)
 6 Months Ended
Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of discontinued operations activity

The following table summarizes the balance sheet information for discontinued operations.

 

    June 30,     December 31,  
    2017     2016  
             
Accounts receivable, net   $ –     $ 456,478  
Inventories     –       350,506  
Other current assets     –       12,980  
Other asset – goodwill     –       5,796,430  
Other  asset – intangible asset, net     –       533,577  
Current assets of discontinued operations     –       7,149,971  
                 
                 
Accounts payable     –       465,346  
Accrued liabilities and expenses     –       90,187  
Deferred revenues     –       37,509  
Customer deposits     –       200,466  
Deferred lease liability     –       76,096  
Current liabilities of discontinued operations     –       869,604  
                 
Net assets of discontinued operations   $ –     $ 6,280,367  

 

The following table summarizes the statements of operations information for discontinued operations.

 

   

Three Months Ended

June 30,

    

Six Months Ended

June 30,

  
    2017     2016     2017     2016  
Revenues, net:                                
Product   $ –     $ 1,036,933     $ 653,839     $ 1,753,576  
Recurring     –       979,562       925,837       1,946,965  
Total Net Revenue     –       2,016,495       1,579,676       3,700,541  
                                 
Cost of Sales:                                
Product     (10,225 )     707,511       414,604       1,188,718  
Recurring     689       207,860       209,868       454,863  
Total Cost of Sales     (9,536 )     915,371       624,472       1,643,581  
                                 
Gross Profit     9,536       1,101,124       955,204       2,056,960  
                                 
Operating Expenses:                                
Selling, general and administrative     (9,924 )     348,052       252,110       580,947  
Depreciation and amortization     –       60,420       60,420       121,277  
Total Operating Expenses     (9,924 )     408,472       312,530       702,224  
                                 
Income from Discontinued Operations before Provision for Income Taxes     19,460       692,652       642,674       1,354,736  
                                 
Provision for Income Taxes     605       51,312       52,017       102,624  
Income from Discontinued Operations (net of tax)   $ 18,855     $ 641,340     $ 590,657     $ 1,252,112